Answer:
He must deposit $24,509.23 at the start of his studies.
Step-by-step explanation:
The amount to be deposited, PV is calculated as follows :
r = 5
Pmt = $9,000
P/yr = 1
n = 3
Fv = $ 0
Pv = ?
Using a Financial Calculator, the amount to be deposited, PV is $24,509.23.